Source: Wall Street News Author: Li Dan

The data released on Thursday showed that the US economic growth was stabilizing or gradually cooling down: industrial output grew at zero month-on-month in April, and the growth rate dropped to 0.1% in March; the number of first-time jobless claims fell by 10,000 to 222,000, still higher than economists' expectations of 220,000. The four-week average number of applicants hit a new high of 3% since November last year; the number of annualized households starting new housing construction in April increased 5.7% month-on-month to 1.36 million, still below expectations of 1.42 million. The number of households with construction permits declined from April to 1.29 million. 1.44 million, at the end of 2022 Since then, it has reached a new low, lower than the forecast of 1.48 million, and the number of households rose to nearly 1.49 million in March.

The Federal Reserve's “top three” Williams commented on the April CPI released on Wednesday, saying that the overall trend is improving, but it is not enough to push for a quick cut in interest rates. Some commentators say that Thursday's data is consistent with this week's overall theme, is not dramatic, shows that the economy has stabilized to a cooling point, and has not prompted the Federal Reserve to return to an overly hawkish position. After data such as unemployment was released, the overall price of US Treasury bonds, which had jumped after the CPI was announced in April, and yields rebounded at an accelerated pace. The yield on 10-year US Treasury bonds, which had set a low level since the beginning of April, earlier in the day, rebounded; the US dollar index rebounded at an accelerated pace, breaking away from the low level of more than a month since the March CPI was announced, which was refreshed again earlier in the day.

The day after the CPI was announced, the general market gains in the US stock market subsided, and the three major stock indexes fell slightly. For the first time in history, the Dow index, which had risen above the 40,000 mark in the intraday market, failed to join hands with S&P and NASDAQ to continue to reach new closing highs. Some commentators say that after hitting record highs this week, US stocks may need a short “resurgence” before rising further.

Among individual stocks, Meta, which was investigated by the European Union under the Digital Services Act, had the highest decline among tech giants; chip stocks fell; Nvidia closed down for the first time this week after the family office of former Soros deputy Stanley Druckenmiller revealed a 70% reduction in positions in the first quarter; retail group stocks led by Game Station fell sharply by double digits for the second day in a row, continuing to take back the sharp gains of the first two days of this week. However, after announcing that high-income customer consumption and the US e-commerce business boosted revenue growth of 6% in the first quarter, Walmart had an intraday increase of more than 7%, leading the Dow to rise.

China's stock market rebounded, and after former “Air Force” pioneer Citron was optimistic that it would rise more than 20%,$Alibaba (BABA.US) $It rose more than 7% in the intraday period, equalizing the decline after the earnings report was announced on Tuesday, while iQiyi, which released its earnings report on Thursday, showed mixed results: after a fund owned by Michael Burry, the prototype of the movie “The Big Short”, revealed a sharp increase of 80% in the first quarter, the net profit of JD, which exceeded expectations by 14% year on year, rose nearly 3% at the beginning of the trading session, and turned down more than once; Baidu, whose net profit for the first quarter increased 22% higher than expected and still fell by 4.8% year on year, went low and flat about 10% of the original sales The decline turned upward.

In the foreign exchange market, when the US dollar index rebounded, non-US currencies fell, and both the yen and the offshore renminbi, which had hit new highs for more than a week, turned down during the intraday period. Bitcoin, which surged above the $66,000 mark in the intraday market for the first time in three weeks, also fell back more than $2,000 at one point.

Among commodities, under the pressure of a rebound in the US dollar, the CPI announced that day, gold fell back, leaving the closing high for more than three weeks; most of London basic metals continued to rise, and Luntong continued to hit new highs in two years, while New York copper failed to withstand the pressure of the dollar and turned down. This week, the trend of continuing to close at a two-year high came to a standstill. The US CPI announced on Wednesday strengthened expectations for interest rate cuts. Last week's EIA crude oil inventory, which was announced on the same day, fell more than expected, releasing favorable supply. The unemployment data on Thursday showed that the labor market stabilized. International crude oil, which reversed in a V-shape on Wednesday, continued to rebound, breaking away from the low point it had been in the past nine weeks, and US oil closed at a high level since the previous week.

The three major US stock indexes hit a record intraday high and then closed down, and the chip stock index stopped rising four times in a row, Walmart surged after financial reports, and the Chinese stock index hit an eight-month high

The opening performance of the three major US stock indexes was mixed. After fluctuating and rising in early trading, they hit record intraday highs for the second day in a row, and then turned down in midday trading. The Dow Jones Industrial Average, which opened slightly higher, fell more than 28 points after falling at the beginning of the session, then turned up less than half an hour after opening. It rose more than 140 points and nearly 0.4% within the day after 40,000 points in early trading. It turned down more than once in midday trading, and fell more than 30 points at the end of the session. The one that opens high$S&P 500 Index (.SPX.US) $It turned down in the short term in early trading, then rose more than 0.3%, then turned down in midday trading, and fell more than 0.2% at the end of the session. The one that opens slightly lower$NASDAQ Composite Index (.IXIC.US) $After falling less than 0.1% at the beginning of the session, it quickly turned up. It also rose more than 0.3% in early trading and fell by about 0.3% at the end of the session.

In the end, the three major stock indexes, which collectively closed higher for three consecutive days, closed down. S&P closed down 0.21% to 5297.1 points. The NASDAQ closed down 0.26% to 16698.31 points. The Dow closed down 38.62 points, or 0.1%, to 39869.38 points.

Technology stocks are important$NASDAQ 100 Index (.NDX.US) $The midday session turned lower, closing down 0.21%, falling to the all-time high of the closing record, which was refreshed on Wednesday. The Nasdaq Technology Market Capitalization Weighted Index (NDXTMC), which measures the performance of technology components in the Nasdaq 100 Index, also turned down 0.21% in midday trading, falling 0.21%, falling after two consecutive closing highs, and both the NASDAQ and NASDAQ 100 stopped rising for four consecutive days. The small-cap stock index Russell 2000, which is mainly value stocks, closed down 0.63%, outperforming the market, and falling back after rising for three consecutive days to March 28.

Among the constituent stocks of the Dow Index, Walmart, which published financial reports, rose more than 7.3% in early trading and closed 7% higher. At the close$Boeing (BA.US) $, 3M rose more than 3%, while earnings and revenue for the third fiscal quarter were higher than expected$Cisco (CSCO.US) $Still falling 2.7%, leading the decline.$Caterpillar (CAT.US) $It fell 2.6%. Among the major sectors of the S&P 500, by the close, only essential consumer goods, where Walmart is located, rose nearly 1.5% and closed higher.$Amazon (AMZN.US) $Non-essential consumer goods led the decline by nearly 0.8%, materials fell by more than 0.7%, and Google's communication services fell slightly.

ranging$ Microsoft (MSFT.US) $, Apple, Nvidia, Google parent company Alphabet, Amazon, Facebook parent company Meta,$ Tesla (TSLA.US) $Among them, the tech giant “Seven Sisters” had mixed ups and downs. Alphabet alone did not fall throughout the day, with Meta leading drop. Tesla, which closed down 2% on Wednesday, fell nearly 1.5% at the beginning of the session. It turned up in early trading and closed up 0.5%. It did not continue to fall below the closing high since May 6 set on Tuesday.

Among the six major FAANMG technology stocks, Alphabet rose 1.4% in early trading and closed 0.9%, setting a new closing record high for 4 and 2 days; Apple rose more than 0.7% in early trading, turning down in the short term, closing less than 0.1%, rising for 4 days and 2 days breaking the closing high since January 29; and Microsoft, which had a high level since April 11, turned down 0.5% in midday trading; Amazon also turned down 1.3% in midday trading and closed down 0.5%; Amazon also fell 1.3% in the middle of trading and closed down from May 1 in a row; Meta, which rose from 2 days to a high closing position since April 24 It closed down 1.7%;$Netflix (NFLX.US) $It turned down at the end of early trading and closed down 0.5%, continuing to break away from the high level since April 16 set by Monday's rebound.

Chip stocks turned down or regained some of their gains in midday trading.$Philadelphia Semiconductor Index (.SOX.US) $The semiconductor industry ETF SOXX closed down nearly 0.6% and about 0.5%, respectively, falling from the closing high since March 7, which was refreshed for four days. Among chip stocks, Nvidia rose nearly 1.3% at the beginning of the session, closed down 0.3%, stopped rising for four consecutive periods, and was unable to continue to break the closing high since March 25; at the close,$TSMC (TSM.US) $US stocks,$Western Digital (WDC.US) $It fell more than 2%,$Broadcom (AVGO.US) $It fell nearly 1.7%,$Applied Materials (AMAT.US) $It fell 1.5%, while Intel rose nearly 2.5% and AMD rose nearly 1.9%.

Retail group stocks, which surged this Monday and Tuesday, fell sharply for the second day in a row. Closed down nearly 20% on Wednesday$Game Station (GME.US) $Closed down 30%; closed down 20.2% on Wednesday$AMC CinemaLine (AMC.US) $Closed down 15.3%; Koss (KOSS), which closed down 19.2% on Wednesday, fell 13.1% to close 4.6% in early trading; Blackberry (BB), which closed down 6.4% on Wednesday, closed down 6.2%; benefiting from the sharp rise in retail group stocks, the US stock Tieba forum$Reddit (RDDT.US) $After closing down more than 4% on Wednesday, it closed down nearly 5.5%; while SunPower (SPWR), which closed down 29.2% on Wednesday, turned up after falling 9% in early trading and closed up 5%.

Most AI concept stocks fell. At the close, BigBear.ai (BBAI) fell 7.1%, known as “Little Nvidia”, which sells data center interconnect chips$Astera Labs (ALAB.US) $Down 5.7%, up 15.8% on Wednesday$Ultra Microcomputer (SMCI.US) $Decreased by 5%,$SoundHound AI (SOUN.US) $Down nearly 4%, up 11.2% on Wednesday$Dell Technologies (DELL.US) $It fell nearly 2%,$C3.ai (AI.US) $fell 1.5%,$Adobe (ADBE.US) $fell 0.5%,$Palantir (PLTR.US) $The decline was less than 0.1%, while$Oracle (ORCL.US) $Up 0.4%.

Popular Chinese securities generally continued to rise and outperform the market. The Nasdaq Golden Dragon China Index (HXC), which closed slightly higher on Wednesday, maintained gains after a short-term decline at the beginning of the session, closing up about 2.5%, and closed at a new high since September 2023 this week, following a sharp rebound of 3.7% on Monday. China's general ETFs KWEB and CQQQ closed up nearly 2.7% and 1.3%, respectively. After the financial report was announced, the JD market rose by nearly 2.7 and then quickly fell by nearly 4.6%, and eventually closed up 1.9%. Baidu fell 5.5% at the beginning of the session, iQiyi fell 10% at the beginning of the market, and turned up at noon, closing up about 1.7% and 12.2% respectively. Among the new car builders, stock prices plummeted in the face of consumer accusations that exaggerated demand in the MEGA market$Ideal Auto (LI.US) $At the beginning of the session, it fell more than 3.7%, and closed down 2.7%.$NIO (NIO.US) $Cars closed down 1.1% after turning down at the beginning of the market. At the beginning of the session, they fell by more than 4%$Extreme Krypton (ZK.US) $The one that closed down 0.5% and turned higher in early trading$Xiaopeng Motors (XPEV.US) $The closing price was up 3.5%, and the Xiaomi fan, which fell nearly 2% at the beginning of the session, closed up nearly 0.8%. Among other individual stocks, Alibaba, which had risen 7.5% in midday trading, rose slightly more than 7%.$NetEase (NTES.US) $It rose 5.5%, and Station B rose nearly 2.8%.$Pinduoduo (PDD.US) $Tencent fans, which rose nearly 1.5% and fell more than 1% at the beginning of the session, closed up 0.1%.

The bank stock index declined after two consecutive days of growth. Over the past few days, the overall banking index, which has been high since March 2023, was refreshed$KBW Bank Index (.BKX.US) $(BKX) closed down more than 0.6%; the regional banking index KBW Nasdaq Regional Banking Index (KRX) closed down nearly 0.6%, and the regional bank stock ETF SPDR S&P Regional Bank ETF (KRE) closed down more than 0.4%, all falling after breaking the high level since January 30 in a few days.

Among individual stocks with high volatility, Buffett's Berkshire Hathaway revealed secret positions for three quarters, and after disclosing that it bought nearly 26 million shares in the first quarter and held the ninth largest position in the quarter, property and accident insurance company Chubb (CB) rose 6.8% at the beginning of the session, closing up more than 4.7%; losses in the first quarter fell short of expectations, announced and$AT&T (T.US) $After reaching an agreement to connect their space-based cellular broadband network to the mobile phone, the satellite communication service provider$AST SpaceMobile (ASTS.US) $Closing up 68.6%; chemical product manufacturer Hawkins (HWKN), whose earnings for the fourth fiscal quarter were lower than expected but revenue was higher than expected, closed up 9.3%; Faraday Future (FFIE) closed up 134%, rising 3463.7% this Thursday.

In terms of European stocks, the pan-European stock index declined after nine consecutive trading days of gains. The European Stoxx 600 index fell to a record closing level for seven consecutive days. Most of the major European countries' stock indexes fell. German, French and British stocks fell to the historical closing highs each set on Wednesday, and Western stocks, which had been rising for four days in a row, fell, while Italian stocks rose for six consecutive days.

Among the various sectors, automobiles closed down more than 1.2%, due to ex-dividend transactions, BMW and Daimler Trucks fell 6.3% and 5.1% respectively; the industrial sector fell nearly 1.1%, affected by the announcement of a 2% drop in industrial profits for the second quarter, which was lower than expected, and the German-listed Siemens closed down nearly 6.8%, the biggest daily decline in more than two years. Among the constituent stocks, the German stock index led the decline among countries; among the constituent stocks, those traded before interest$British Petroleum (BP.US) $Giant BP fell 1.5%. After being sold 2.8% of its shares by the Italian Ministry of Finance, Milan-listed Eni fell 2.2%; while the insurance sector rose more than 1.6%. Among the constituent stocks, first-quarter results were better than expected, and Swiss Re rose 3.8% after news broke of plans to withdraw from the digital white label business. Among other individual stocks, the French-listed game giant Ubisoft, which had poor net forecasting guidelines for the first fiscal quarter, fell 13.5%, leading the decline in Stoke 600 constituent stocks.

The yield on 10-year US Treasury bonds, which hit a new low in nearly six weeks, turned higher after economic data

The yield on US 10-year benchmark treasury bonds fell 4.31% in the Asian market. After hitting a new low since April 10 on Wednesday, it quickly rose above 4.35% after the release of US economic data such as pre-market unemployment and US stock unemployment. At the end of the session, US stocks rose 4.38% to a new high. By the end of the bond market, it was about 4.37%, rising about 3 basis points during the day. The yield on other US bonds rebounded after falling for three consecutive days.

The 2-year US bond yield, which is more sensitive to interest rate prospects, fell 4.70% in early Asian trading, hitting a low level since April 5. It did not reach the opening of the European stock market and accelerated upward after the release of pre-market economic data. US stocks rose 4.80% to a new daily high at the end of the session, rebounding nearly 10 basis points from the daily low. By the end of the bond market, it was about 4.80%, rising nearly 8 basis points during the day.

The US dollar index hit a new low for five consecutive weeks, then turned higher, and Bitcoin fell more than $2,000 after rising above the 66,000 mark in the intraday period

The ICE dollar index (DXY), which tracks the exchange rate of the dollar against a basket of six major currencies including the euro, fell below 104.10 in early Asian trading. It hit the low level of the US CPI for March announced on April 10 for two consecutive days, falling nearly 0.3% during the day. The European market continued to rise after the beginning of the session. The rise accelerated after the US economic data was released. US stocks rose above 104.60 in early trading to a new high of 104.626, rising nearly 0.3% during the day.

By the close of the US stock market on Thursday, the US dollar index was above 104.50, rising nearly 0.2% during the day, ending three consecutive days of decline; the Bloomberg US Dollar Spot Index, which tracks the exchange rate of the US dollar against ten other currencies, rose less than 0.1% during the day, and rebounded after falling for two consecutive days until April 9.

Among non-US currencies, the yen rebounded 1% intraday and fell on the fourth day of the last five trading days. The dollar fell to 153.60 in early Asian trading and hit a low since May 6 on the 2nd. After the pre-market increase, US stocks rose above 155.50 to 155.53 in early trading and rose 0.4% during the day; EUR/USD approached 1.0900 in early Asian trading, breaking the high level since March 21. GBP/USD rose to 1.2700 in early Asian trading. Both days hit a high level since April 10. Maintaining a downward trend after falling, US stocks hit a new low in early trading At that time, the euro fell below 1.0860 and the pound fell below 1.2650.

The offshore renminbi (CNH) rose to 7.2042 against the US dollar in early Asian trading, breaking the high level since May 6 for two consecutive days. European stocks basically maintained their decline after turning down before the market. US stocks fell to a new low of 7.2273 in early trading, falling 231 points from the daily high. At 4:59 Beijing time on May 17, the offshore RMB was 7.2,227 yuan against the US dollar, down 48 points from the end of Wednesday's New York session, and fell after stopping three consecutive declines on Wednesday.

$Bitcoin (BTC.CC) $US stocks rose above $66,700 before the market, hitting a new intraday high since April 24, and continued to decline after the release of US economic data. US stocks fell below US$64,800 in midday trading and fell below US$64,700 on some platforms, falling more than US$2,000, or more than 3% from the daily high. US stocks were above US$65,200 at the close and fell more than 1% in the last 24 hours.

Crude oil rose two times in a row, and US oil revenue hit a one-week high

International crude oil futures mostly maintained their gains on Thursday. When European stocks turned down to a new low in early trading, US WTI crude oil fell to 78.20 US dollars, and Brent crude oil was close to 82.30 US dollars, all falling by more than 0.5% during the day. When US stocks hit a new high in early trading after the European stock market turned higher, US oil rose above 79.80 US dollars and rose nearly 1.6% during the day. Oil was close to 83.80 US dollars, up more than 1.2% during the day.

In the end, crude oil closed higher for two consecutive days. WTI June crude oil futures, which hit a new low since March 12 on Tuesday, closed up $0.60, or 0.76%, at $79.23 per barrel, breaking the closing high since May 9; Brent crude oil futures for July closed up $0.52, or 0.63%, to $83.27 per barrel, continuing to break away from the low level since March 12, which was refreshed on Tuesday.

US gasoline and natural gas futures both rose twice in a row. NYMEX's June gasoline futures closed up 1.64% to 2.5378 US dollars/gallon, a new high since May 9; NYMEX's June natural gas futures closed up 3.27% to 2.495 US dollars/million British thermal units, breaking the four-month high for two consecutive days.

Luntong hit a two-year high, and New Zealand copper rose nearly 2% in the intraday market, then fell to a two-year high, and gold bid farewell to a three-week high

London basic metals futures mostly rose on Thursday. Lun Copper, which led the rise, closed above US$104,400 for the first time in two years. It hit a new high since April 2022 for two consecutive days and the third day of this week, and Lun Ni, which rose more than 1% for two consecutive days, continued to hit a new high since late April. Renxi and lead rose for four consecutive days, hitting new highs since late April and November last year on the 4th, respectively. Meanwhile, Lunzinc fell for two consecutive days from its high level since March last year, which had been rising for four consecutive days, and Lunlu, which had been rising for three to three weeks, fell back.

The New York copper market turned down for five consecutive days. COMEX July copper rose to 5.02 US dollars in the Asian market, rising more than 1.9% during the day. US stocks remained down to 4.8415 US dollars in early trading, falling nearly 1.7% during the day, closing down 0.96% to 4.877 US dollars/pound. It fell to the two-year closing high set for three consecutive days, and failed to continue to approach the historic closing level set on March 4, 2022.

Gold turned lower in the intraday session on Thursday. In early Asian trading, New York gold futures rose above 2,400 US dollars to 2402.7 US dollars, for the second day in a row, rising more than 0.3% during the day. Spot gold rose above $2,397, breaking the high level since April 20, rising nearly 0.5% during the day, then turning down several times. European stocks maintained their decline after falling before the market. When US stocks hit a new low, futures fell to 2375.2 US dollars, falling more than 0.8% during the day, and spot gold was close to $2,371, down 0.6% during the day.

By the end of midday US stock futures, COMEX's June gold futures, which had been rising for two days, closed down 0.39% to $2385.5 per ounce, falling from the closing high since April 19, which was refreshed on Wednesday. At the close of the US stock market, spot gold was above $2,378, falling more than 0.3% during the day.

edit/lambor